I think it's very unlikely Alliance & Leicester will be around as an independent entity in five years time; it's a question of at what price and when, and there's a lot of bid speculation in the (share) price at the moment.

They've beaten numbers by a little bit and given a positive outlook and there's good news on the margins so they seem to be doing a lot of things well at the moment.

Retail banking remains a concern, as does unsecured lending. However, with bid speculation helping the valuation, this should provide support for the share price.

Without a shadow of doubt Korea has done an excellent job.